Analysts misread the gasoline inventory draw today and overlooked the much bigger crude build and crude and products rose moderately. Refiners are unsure where motor fuels prices are headed and have really held down gasoline inventory and when demand was a little higher than they predicted, they had to use up their inventories. If both crude and gasoline fell at the same time, then demand could be said to be up but there is no indication yet that such demand exists. Much of the increased demand is from overseas and that is as likely to fall off as it is to increase. One indication is that distillate inventories showed a build and Europe and the Far East use more distillate than gasoline.
Today, WTI+$1.93,$87.58; Brent+$1.47,$110.60; RBOB+1.65¢,$2.8703; HO+2.9¢,$2.9616.
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